Restore SGF offers $9,000 grant to first-time homebuyers
A new grant program from Restore SGF aims to make it easier to own a home in one of north Springfield's historic neighborhoods, according to a news release from the North Springfield Betterment Association.
Restore SGF Executive Director Brendan Griesemer announced the new grant, offering $9,000 to homebuyers in five historic north Springfield neighborhoods, at an NSBA luncheon Thursday.
According to a press release from Restore SGF, 65% of American households own their homes. In Springfield, the number of households that can claim home ownership is 42%. Restore SGF hopes to help families achieve home ownership while improving conditions and raising property values in Springfield's historic neighborhoods.
“What an exciting vision for these historic neighborhoods in Springfield," said NSBA board member Kim Rippy. "Plus, the benefits to first-time homebuyers is icing on the cake.”
After a visit to a Des Moines-based organization, Restore SGF launched the "Restore My Block Challenge" grant. The initiative aims to foster exterior home improvements in neighborhoods such as Doling Park East, Fassnight, Grant Beach, Meador Park East, and Woodland Heights. Eligible homeowners and their neighbors can access grants of up to $2,500 for various home improvement projects. These range from siding and roofing to landscaping and more.
For first-time homebuyers with their eyes on those neighborhoods in north Springfield, Restore SGF has also announced a new down payment assistance grant. Participants contribute $1,500 at closing and receive a $9,000 down payment assistance check. Eligibility requires participants to qualify for a fixed-rate mortgage with a Greene County bank.
How do I apply for the Restore SGF down payment assistance grant?
To be eligible for the $9,000 down payment assistance grant, participants must:
h Have an income that does not exceed 150% of Area Median Income;
h Be a first-time homebuyer (have not owned a home in the past three years);
h Choose a home with a sales price that does not exceed $250,000.
To apply for assistance, the borrower must provide to Restore SGF their most recent:
h Federal income tax return;
h Past 30 days of payroll statements;
h Program documents upon submission of request (First-Time Home Buyer Certification and Household Income Certification).
Once a house purchase contract is signed, the borrower must also provide Restore SGF with the exact address of the house to reserve funds and to determine whether the property is located in one of the five selected neighborhoods. When that is determined, the borrower will apply for a loan from a Greene County lender of their choice. Only lenders with a physical office in Greene County will be eligible, and the loan must be a fixed-rate mortgage.
Once the loan is approved, the lender will notify Restore SGF of the closing date, location, and closing agent, title company, or bank so the check can be delivered. Restore SGF will file a deed restriction on the property title which will require repayment of the $9,000 grant if the property is sold within the first five years. After those five years have passed, no repayment is required.
About the North Springfield Betterment Association
The purpose of NSBA is to promote and encourage worthwhile and honorable endeavors to make north Springfield a better place to work and live. Their intent is to be alert, well versed, and knowledgeable to our community's needs in order to take constructive action for community involvement. Learn more at nsbanet.com or facebook.com/ northspringfieldbettermentassociation.